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Stock-Based Employee Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2012
Additional Information With Respect to Restricted Stock Units and Performance Units

Additional information with respect to restricted stock units and performance units is as follows:

 

     Restricted Stock Units      Performance Units*  
     Number
of Shares
    Weighted Average
Grant Date
Fair Value
     Number
of Shares
    Weighted Average
Grant Date
Fair Value
 

Nonvested, January 1, 2012

     2,833,800      $ 49.83         1,134,043      $ 62.01   

Granted

     766,682        68.64         473,834        63.38   

Vested**

     (1,074,869     41.09         (603,286     60.06   

Forfeited

     (106,667     52.90         (30,682     62.15   
  

 

 

      

 

 

   

Nonvested, December 31, 2012

     2,418,946        59.54         973,909        63.88   
  

 

 

      

 

 

   

 

  * The number of shares earned may range from 0% to 200% of the performance units shown in the table above.

 

  **

The performance units earned in 2012 were 155.2% of the vested shares shown in the table, or 936,300 shares.

Stock Option pricing Weighted Average Assumptions

The fair value of each stock option was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:

 

     2012        2011        2010  

Risk-free interest rate

     1.0%           2.4%           2.5%   

Expected volatility

     24.6%           24.2%           25.0%   

Dividend yield

     2.4%           2.6%           2.9%   

Expected average term (in years)

     5.5              5.5              5.2      
Additional Information With Respect to Stock Options

Additional information with respect to stock options is as follows:

 

    Number
of Shares
    Weighted
Average
Exercise Price
     Weighted Average
Remaining
Contractual Term
     Aggregate
Intrinsic Value
 
                 (in years)      (in millions)  

Outstanding, January 1, 2012

    1,724,440      $ 37.71         

Granted

    65,879        68.58         

Exercised

    (1,240,408     38.28         

Forfeited

    (29,336     38.04         
 

 

 

         

Outstanding, December 31, 2012

    520,575        40.24         3.5         18   
 

 

 

         

Exercisable, December 31, 2012

    404,671        33.71         2.1         17